Technical Pulse: SBS Transit Limited April 19, 2017 129
SBS Transit Ltd – Daily timeframe
Current Sentiment: Bearish
Support 1: 2.65 Resistance 1: 2.80
Support 2: 2.60 Resistance 2: 2.85
Price has been rising steadily in a strong uptrend since January 2017 without any significant correction. However, some exhaustion are appearing as price retests the July 2016 high of 2.80 resistance area.
Price briefly tested the 2.80 resistance area on 18/04/17 but was once again rejected off it, resulting in the formation of a shooting star with increasing volume.
With the current bearish price action, expect price to enter into a period of correction next where price heads lower to test the 2.65 support area followed by 2.60.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.